Correlation Between Sihui Fuji and Jiaozuo Wanfang
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By analyzing existing cross correlation between Sihui Fuji Electronics and Jiaozuo Wanfang Aluminum, you can compare the effects of market volatilities on Sihui Fuji and Jiaozuo Wanfang and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Sihui Fuji with a short position of Jiaozuo Wanfang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sihui Fuji and Jiaozuo Wanfang.
Diversification Opportunities for Sihui Fuji and Jiaozuo Wanfang
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Sihui and Jiaozuo is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Sihui Fuji Electronics and Jiaozuo Wanfang Aluminum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiaozuo Wanfang Aluminum and Sihui Fuji is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Sihui Fuji Electronics are associated (or correlated) with Jiaozuo Wanfang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiaozuo Wanfang Aluminum has no effect on the direction of Sihui Fuji i.e., Sihui Fuji and Jiaozuo Wanfang go up and down completely randomly.
Pair Corralation between Sihui Fuji and Jiaozuo Wanfang
Assuming the 90 days trading horizon Sihui Fuji Electronics is expected to generate 1.78 times more return on investment than Jiaozuo Wanfang. However, Sihui Fuji is 1.78 times more volatile than Jiaozuo Wanfang Aluminum. It trades about 0.12 of its potential returns per unit of risk. Jiaozuo Wanfang Aluminum is currently generating about 0.21 per unit of risk. If you would invest 2,840 in Sihui Fuji Electronics on October 31, 2024 and sell it today you would earn a total of 245.00 from holding Sihui Fuji Electronics or generate 8.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sihui Fuji Electronics vs. Jiaozuo Wanfang Aluminum
Performance |
| Timeline |
| Sihui Fuji Electronics |
| Jiaozuo Wanfang Aluminum |
Sihui Fuji and Jiaozuo Wanfang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sihui Fuji and Jiaozuo Wanfang
The main advantage of trading using opposite Sihui Fuji and Jiaozuo Wanfang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sihui Fuji position performs unexpectedly, Jiaozuo Wanfang can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Jiaozuo Wanfang will offset losses from the drop in Jiaozuo Wanfang's long position.| Sihui Fuji vs. Meinian Onehealth Healthcare | Sihui Fuji vs. Humanwell Healthcare Group | Sihui Fuji vs. Impulse Qingdao Health | Sihui Fuji vs. Youngy Health Co |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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